Cost of capital is an important driver of investment decisions, including the large investments needed to execute the low-carbon energy transition. Most models, however, abstract from country or technology differences in cost of capital and use uniform assumptions. These might lead to biased results regarding the transition of certain countries towards renewables in the power mix and potentially to a sub-optimal use of public resources. In this paper, we differentiate the cost of capital per country and technology for European Union (EU) countries to more accurately reflect real-world market conditions. Using empirical data from the EU, we find significant differences in the cost of capital across countries and energy technologies. Implementing these differentiated costs of capital in an energy model, we show large implications for the technology mix, deployment, carbon emissions and electricity system costs. Cost-reducing effects stemming from financing experience are observed in all EU countries and their impact is larger in the presence of high carbon prices. In sum, we contribute to the development of energy system models with a method to differentiate the cost of capital for incumbent fossil fuel technologies as well as novel renewable technologies. The increasingly accurate projections of such models can help policymakers engineer a more effective and efficient energy transition.

资本成本是投资决策的重要驱动因素，包括执行低碳能源转型所需的大量投资。然而，大多数模型从资本成本的国家或技术差异中抽象出来，并使用统一的假设。这些可能会导致某些国家在电力结构中向可再生能源过渡的结果有偏差，并可能导致公共资源的次优使用。在本文中，我们区分了欧盟 (EU) 国家每个国家和技术的资本成本，以更准确地反映现实世界的市场状况。使用来自欧盟的经验数据，我们发现不同国家和能源技术的资本成本存在显着差异。在能源模型中实施这些差异化的资本成本，我们展示了对技术组合、部署、碳排放和电力系统成本的重大影响。所有欧盟国家都观察到融资经验带来的成本降低效应，并且在高碳价格的情况下其影响更大。总之，我们通过一种方法来区分现有化石燃料技术和新型可再生技术的资本成本，从而为能源系统模型的开发做出贡献。此类模型越来越准确的预测可以帮助政策制定者设计更有效和高效的能源转型。我们通过一种方法来区分现有化石燃料技术和新型可再生技术的资本成本，从而为能源系统模型的开发做出贡献。此类模型越来越准确的预测可以帮助政策制定者设计更有效和高效的能源转型。我们通过一种方法来区分现有化石燃料技术和新型可再生技术的资本成本，从而为能源系统模型的开发做出贡献。此类模型越来越准确的预测可以帮助政策制定者设计更有效和高效的能源转型。